Caixin Auto Morning Report [March 28]

Promoting Cross-Border Flow of Automobile Data: China and Europe Automotive Industry Associations Sign a Memorandum

On March 27, at the “Innovative Development Forum on Cross-Border Data Flows” during the 2026 Zhongguancun Forum annual conference, the China Association of Automobile Manufacturers and the Beijing representative office of the European Automobile Industry Association signed the “Memorandum of Understanding on Promoting Cross-Border Flows of Automobile Data and Advancing High-Quality Development of the Industry.” Upholding the principles of complementary advantages, sharing resources, mutual promotion of development, and win-win cooperation, they will strengthen policy exchanges in the area of cross-border flows of automobile data, promote innovation and application of cross-border flow of automobile data empowered by digital technologies, and foster positive interactions between regulatory authorities and industry stakeholders, providing more cooperation and development opportunities for automobile enterprises. Next, both sides will rely on the cooperation mechanism under the memorandum to promote compliant circulation across the entire automotive industry value chain and innovative applications of data, facilitate coordinated linkage of automotive industry resources between China and Europe, achieve complementary advantages, and advance in parallel industry development and data security. This will inject stronger momentum into building Beijing into a global hub for automotive industry innovation and into optimizing the cross-border data business environment.

Caixin Media Auto: By signing a memorandum on cross-border flows of automobile data, it builds a compliant circulation and technical coordination platform for China- and Europe-based automakers, helping align the industry’s digitalization and globalization.

BYD: 2025 Revenue of 803.96 Billion Yuan, Up 3.46% Year over Year

On March 27, BYD released its 2025 financial report. The company achieved full-year operating revenue of 8,039.6 billion yuan, up 3.46% year over year. Of this, revenue from its automotive, automotive-related products, and other products business was about 6,486.46 billion yuan, up 5.06%; revenue from mobile phone components, assembly, and other products business was about RMB 1,552.37 billion yuan, down 2.74% year over year. In 2025, the company’s net profit attributable to shareholders was 326.2 billion yuan, down 19% year over year.

Caixin Media Auto: BYD’s revenue surpasses 800 billion yuan and remains a top player in the industry; net profit declines year over year, reflecting the industry’s common contradictions between scale expansion and profit pressure.

Great Wall Motor: 2025 Revenue of 222.824 Billion Yuan, Up 10.2% Year over Year

On March 27, Great Wall Motor released its 2025 financial report. The company achieved full-year operating revenue of 222.824 billion yuan, up 10.2% year over year; net profit attributable to shareholders was 9.865 billion yuan, down 22.07% year over year; and non-GAAP net profit attributable to shareholders was 6.059 billion yuan, down 37.50% year over year.

Caixin Media Auto: Great Wall Motor’s steady revenue growth of 10.2% reaches a record high, with near-term profitability under pressure.

GAC Group: 2025 Revenue of 96.542 Billion Yuan

On March 27, GAC Group released its 2025 annual report, showing that for the full year the company achieved operating revenue of 96.542 billion yuan, down 10.43% year over year; net profit attributable to shareholders was -8.784 billion yuan; and non-GAAP net profit attributable to shareholders was -9.863 billion yuan.

Caixin Media Auto: GAC Group’s transformation is still underway.

BYD: Plans to Use No More Than 60 Billion Yuan of Its Own Idle Funds for Entrusted Wealth Management

On March 27, BYD announced that the company and its controlling subsidiaries plan to use its own idle funds of no more than 60 billion yuan to purchase wealth management products or bond products with high safety and liquidity and low to medium risk from financial institutions such as banks, securities firms, fund companies, and insurance asset management companies. The authorization period will be within 12 months from the date the board of directors approves the matter, and the amount can be used on a rolling basis. This matter has already been approved at the 22nd meeting of the board of directors of the eighth session of the company and does not require submission to the shareholders’ meeting for approval. The company emphasized that entrusted wealth management does not affect its main business and helps improve the efficiency of fund utilization and investment returns, but due to factors such as policies and the market, returns are uncertain. On the same day, Great Wall Motor announced that it plans to invest wealth management with no more than 43.5 billion yuan of its own idle funds.

Caixin Media Auto: The company uses its own funds to purchase wealth management products, indicating that the company has ample cash flow and solid financials, and confidence in its short-term fund arrangements.

Caocao Travel: 2025 Revenue of 20.2 Billion Yuan, Up 38% Year over Year

On March 27, Caocao Travel released its 2025 financial report. The company achieved full-year operating revenue of 20.2 billion yuan, up 38% year over year. The gross margin increased to 9.4%, an increase of 1.3 percentage points; net operating cash flow increased 60.3% year over year; and in the fourth quarter of 2025 for the first time, the company achieved positive adjusted net profit.

Caixin Media Auto: The results of Caocao Travel’s scale effects and improvements in operational efficiency are significant.

Xpeng Motors: The Company’s Chinese Name Will Change from “Xpeng Motors Co., Ltd.” to “Xpeng Group”

On March 27, Xpeng Motors, in a filing in Hong Kong, announced that effective from April 1, 2026, the company’s Chinese name (for identification only) will change from “Xpeng Motors Co., Ltd.” to “Xpeng Group.” The company’s English name remains unchanged, still “XPeng Inc.” Effective from 9:00 a.m. on April 1, 2026, for the A-class ordinary shares traded on the Main Board of The Stock Exchange of Hong Kong Limited, the company’s Chinese stock short name will change from “Xpeng Motors – W” to “Xpeng Group – W.”

Caixin Media Auto: The name change signals Xpeng’s strategic upgrade from a single automaker to a technology group covering areas such as Robotaxi and humanoid robots.

SAIC Group’s Humanoid Robot “Takes Up the Job”

On March 27, SAIC Group’s first embodied intelligent humanoid robot employee, “Nengzi No. 1,” officially started work on the mass-production line of Buick-to-Zing E7 battery packs, taking on core processes such as cell gripping and loading. “Nengzi No. 1” was jointly developed by SAIC-GM and Engineered Robots, the latter being one of the companies in which SAIC Financial Holding has invested.

Caixin Media Auto: “Nengzi No. 1” taking its place on the battery pack mass-production line is a key breakthrough in domestic automotive humanoid robots’ mass-production applications.

Changan Automobile’s Brazil Factory Begins Production

On March 26, Changan Automobile’s complete vehicle factory, in cooperation with Brazil’s CAOA Group, officially began production locally. Changan Automobile’s Brazil factory plans to launch three models in its first phase, covering multiple powertrain types including gasoline, hybrid, and plug-in hybrid. The entire range of products is equipped with flexible-fuel engines, compatible with gasoline, ethanol, or any proportion of blended fuel, fully meeting local demand in Brazil where ethanol is the primary energy source. On the same day, CAOA announced an additional investment of 5 billion Brazilian reais (about US$955 million) in the new factory to expand production capacity, modernize technology, and introduce advanced automobile manufacturing processes.

Caixin Media Auto: Chinese automotive brands are accelerating their move to the global market.

Replacement Subsidy Price Starting from 42,800 Yuan: Fifth-Gen Hongguang MINIEV Launches

On March 27, the fifth-generation Hongguang MINIEV was officially launched, with a replacement subsidy price starting from 42,800 yuan. The new vehicle is positioned as a “four-door fun commuter,” adopting a four-door, four-seat layout. Two range options are available: 301 km and 205 km. For 30%-80% DC fast charging, it takes only 35 minutes; for AC slow charging, it takes 4.8 hours. The charging gun has a protective rating of IP67. The electricity consumption per 100 kilometers is as low as 8.9 kWh, with a range of 12.65 km per kWh. The 0-50 km/h acceleration time is 4.56s. In terms of safety, the new vehicle is built on an industry-innovative three-dimensional protective system based on a ring-shaped cage body; high-strength steel accounts for 60% of the whole vehicle; it comes standard with dual airbags for driver and front passenger; it uses Shenlian battery PPB-class cells; and with 3.0 million units sold, it has zero spontaneous combustion in collisions.

Caixin Media Auto: From four-door space to an intelligent cockpit, the fifth-generation Hongguang MINIEV refreshes the standard for commuter vehicles.

(Compiled/Commented by Caixin Media reporter Xu Hao)